Required Mortgage or Refinance Documents

Documents needed to obtain or refinance a mortgage:

- Most Recent Income Tax Return
- Monthly Gross Household Income ( Total pre-tax money coming in every month )
- Credit Card Debt including balance and minimum monthly payment
- Paperwork on current mortgage including second mortgage if applicable
- Paperwork on any other debt including car or student loan ect…
There may be additional information needed, however this is the basic information that will be needed in order to obtain or refinance a mortgage.


For Expert Local Mortgage Advice go to Murfreesboro Mortgage & Nashville Mortgage

Technorati Tags:

Nashville Refinance – Tax Credit News -


Nashville Refinance – Tax Credit News

News this week from on capitol hill’s possible extension of 2008 $8000 new home buyer tax credit.   Sources say that there has been a bi partisan agreement on the need for an extension into 2010.   There is skepticism as to to effectiveness of the tax credit, however it appears that officials deem that the possible negative effects of cutting the credit cold turkey on November 30th may have devastating results on already unstable housing and banking markets. 

In addition to an extension of the $8,000 first time home buyer tax credit,  there is also serious talk of adding and additional $6,500 credit for homeowners moving from a home that they have lived in for at least 5 years.  The old income cap of 75k per year ( $150k for couples ) has been raised to $125k ( $250k couples ).  Leaks have been reported that in order to qualify for the credit a contract must be signed by April 30th and closed by June 30th. 

While the amount of help the tax credit has really given the housing market is unknown, the National Bankers, Realtors, and Home Builders Association have lobbied non stop for any extension they can get.  The first time homebuyer tax credit has had the strongest effect on the starter home market, however stiffened lending practices especially in early 2009 has caused problems for some would be first time buyers. 

There is also talk of  setting up a program were the credit steps down by $2,000 each in April, July, October, and then end with 2010.  The theory is that weening consumers off the tax credit rather that a clean break will help monitor the effects that it will have on the market. 

This does not have much effect on the refinance market but anyone looking to take advantage of great deals on houses and low interest in Nashville has plenty of incentive to do so.

Check out Murfreesboro Mortgage for information on Mortgages in Murfreesboro.

Check out Nashville Mortgage for information on Mortgages in Nashville.

Local Business of the month Custom Bass Guitar

Get Facebook Buttons

Technorati Tags:

Nashville Refinance – Ways to take advantage of the current housing market -

The overall depreciation of home value since its peak in 2006 and the drastic decrease in the average home loan interest rate since then has created an interesting option.   

Although often overlooked, a 15 year mortgage can be a much safer investment and now you can get a 15 year note on a home and be paying the same on it now as you would have on a 30 year note in 2006.   Home value as a whole has decreased by 30 percent since 2006 and the average interest rate has dropped 2.25 percent as well.  When the math is done on a $250,000 mortgage a 15 year note now is actually less money a month.

Many overlook the option of a 15 year mortgage when they hear how much less per month a 30 year note is.  While blinded by the prospect of a cheap payment they don’t see the fact that the rate on a 15 year loan is always lower and the chance of becoming upside down in a 15′er is much much much less likely.  Before the burst of the real estate bubble this was not a concern but many Americans have left their keys in their mailbox and walked away from what used to be their house from being upside down in a mortgage.  Granted in many cases this was also a result of being sold a home equity line of credit at a way over appraised value, but there were plenty who’s 100% loan, rolled in closing costs, and bad timing were the kiss of death.  Often its the subtle nuances in a loan that will make more of a difference than you would expect.  A 15 year refinance has been a popular option for those who have existing equity.  Equity and the possibility of a lower interest rate can make their monthly payment less expensive than their current 30 year loan.

A 15 year loan is not the answer for everyone.  Home loans are a very important and complex decision.  They should be carefully discussed with a professional that you trust.  For example, self employed individuals who’s income fluctuates may be overexposed with a higher monthly payment.  Less overall interest paid and a lower interest rate wont be as attractive come tax time either.  Just like Health, everybody has a unique financial situation.  What is smart for Jill may sink Tommy.  A sound decision in Nashville may be a huge mistake in Arizona.

A 15 year loan does take more discipline and patience, but it can also be a great way of acquiring equity faster and possibly paying your home off.  Sensible is the new sexy.  Consider getting a 15 year note instead of paying a boat payment.  Trust me, it will drive the girls ( guys ) crazy.


Check out Murfreesboro Mortgage for information on Mortgages in Murfreesboro.

Check out Nashville Mortgage for information on Mortgages in Nashville.

Local Business of the month Custom Bass Guitar

Technorati Tags: ,